US Patent and Trademark Office issued patent Square on a new network that allows you to immediately perform crypto-fiat transactions.
The patent describes a payment system that allows people with different types of assets to perform transactions with each other in real time.
“With the proposed technology, the first party can pay in any currency and accept the second party in any currency,” – Square says in a statement.
Automatic conversion of the sender’s currency to the receiver’s currency is performed in real time by the network itself. The patent suggests that such a system can be especially useful for retailers. Now, few vendors are ready to accept cryptocurrencies that are processed for hours and can change in price during this time. Real-time calculation completely solves this problem.
The patent suggests that the system can support other asset classes, including securities, derivatives or loans.